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  • UAE Flag
    FIRST LOOK NOTES
    20 Aug 2026
    Abu Dhabi National Insurance C...
    BUY
    AED 6.99
    AED 9.35
    +33.76%

    UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 2Q26 - First Look Note

    Gross written premiums (GWP) stood at AED 6.1 Bn in 1H26, compared to AED 5.5 Bn in 1H25, reflecting resilient underwriting performance. Premium retention ratio decreased from 42.9% in 1H25 to 33.7% in 1H26.
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  • UAE Flag
    FIRST LOOK NOTES
    20 Feb 2026
    Abu Dhabi National Insurance C...
    BUY
    AED 7.85
    AED 9.35
    +19.11%

    UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 4Q25 - First Look Note

    Gross written premiums (GWP) grew 13.4% YOY to AED 8.5 Bn in 2025, supported by resilient growth across selected business segments and territories. Premium retention ratio increased from 38.3% in 2024 to 42.3% in 2025, mainly due to overall low retention levels in commercial lines.
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  • UAE Flag
    FIRST LOOK NOTES
    18 Nov 2025
    Abu Dhabi National Insurance C...
    BUY
    AED 7.25
    AED 8.78
    +21.10%

    UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 3Q25 - First Look Note

    Net profit grew 18.7% YOY to AED 119 Mn during 3Q25, exceeding estimates on robust underwriting performance and lower insurance service expenses. Gross written premiums (GWP) grew 17.4% YOY to AED 7.2 Bn in 9M25, supported by resilient growth across major business lines.
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  • UAE Flag
    FIRST LOOK NOTES
    21 Aug 2025
    Abu Dhabi National Insurance C...
    BUY
    AED 6.99
    AED 8.78
    +25.61%

    UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 2Q25 - First Look Note

    Witnessed a GWP of AED 5.5 Bn in 1H25, up 25.7% compared to 1H24. Insurance service results grew 15.8% YOY to AED 117 Mn in 2Q25 due to strong underwriting performance. Premium Retention ratio rose from 38.6% in 2Q24 to 42.9% in 2Q25, while the Combined Ratio increased 50 bps YOY to 92.9% in 2Q25.
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  • UAE Flag
    FIRST LOOK NOTES
    16 May 2025
    Abu Dhabi National Insurance C...
    BUY
    AED 6.41
    AED 8.78
    +36.97%

    UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 1Q25 - First Look Note

    ADNIC witnessed a Gross written premium (GWP) of AED 3.9 Bn in 1Q25, up 27.4% compared to 1Q24. Insurance service result grew 37.0% YOY to AED 141 Mn in 1Q25 due to strong underwriting performance.
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  • UAE Flag
    FIRST LOOK NOTES
    17 Feb 2025
    Abu Dhabi National Insurance C...
    BUY
    AED 6.60
    AED 8.78
    +33.03%

    UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 4Q24 - First Look Note

    The Company witnessed a record GWP of AED 7.5 Bn in 2024, up 50.4% compared to 2023. ADNIC’s insurance service result grew 47.5% YOY to AED 140 Mn in 4Q24 due to strong underwriting performance. The Company’s board of directors recommended distributing a cash dividend of AED 0.45 per share for 2024 amounting to AED 256.5 Mn with a strong dividend yield of 6.8%.
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  • UAE Flag
    FIRST LOOK NOTES
    29 Nov 2024
    Abu Dhabi National Insurance C...
    BUY
    AED 6.07
    AED 8.78
    +44.65%

    UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 3Q24 - First Look Note

    Gross Written Premium (GWP) rose 56% YOY to record high level at 6.1 Bn in 3Q24. Expense ratio declined 120 bps YOY to 20.0% in 3Q24 while net claims ratio increased from 66.3% in 3Q23 to 73.2% in 3Q24. Combined ratio rose from 87.5% in 3Q23 to 93.2% in 3Q24 due to higher net claims ratio over expenses ratio.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    Abu Dhabi National Insurance C...
    BUY
    AED 6.00
    AED 8.78
    +46.33%

    Cost control measures benefitted profitability

    Completed acquisition of 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) on 17 April 2024 for AED 489 Mn. The amount is paid using internal accruals.
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  • UAE Flag
    FIRST LOOK NOTES
    28 Feb 2024
    Abu Dhabi National Insurance C...
    BUY
    AED 5.95
    AED 8.78
    +47.56%

    Strong underwriting performance drove the bottom-line

    ADNIC’s expense ratio rose 110 bps to 21.0% in 2023 driven by investments in technology and digital infrastructure. ADNIC’s net claims ratio increased 160 bps to 67.1% in 2023. ADNIC’s combined ratio grew 260 bps to 88.0% in 2023.
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